Robert F. Kennedy Jr. Pledges to Back US Dollar with Bitcoin if Elected President

In a bold move, Democratic presidential candidate Robert F. Kennedy Jr. has announced his intention to support the United States dollar with Bitcoin if he assumes the presidency. Kennedy made this pledge during a Heal-the-Divide PAC event on July 19, where he argued that backing the U.S. dollar with “hard currency,” including precious metals such as gold, silver, platinum, or Bitcoin, could effectively restore stability to the American economy.

Kennedy proposed a gradual process of implementation, with the amount of backing for the dollar adjusted according to the plan’s success. He explained,

“My plan would be to start very, very small; perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver, platinum, or Bitcoin.” 

In addition to his backing of the U.S. dollar with Bitcoin, Kennedy vowed to exempt Bitcoin to U.S. dollar conversions from capital gains taxes. He believes that this exemption would encourage investment and incentivize businesses to flourish within the United States, rather than seeking crypto-friendly jurisdictions like Singapore or Switzerland.

These recent pro-Bitcoin statements from Kennedy come after his appearance at Miami’s Bitcoin 2023 conference on May 19, where he revealed his willingness to accept political campaign donations in Bitcoin. It was also discovered in investment disclosures on July 9 that Kennedy holds up to $250,000 worth of Bitcoin, despite his previous denial of any exposure to the digital asset.

Kennedy’s proposal is just one example of the growing trend among presidential candidates to make crypto-related promises. On July 14, Republican presidential candidate and Florida Governor Ron DeSantis pledged to ban central bank digital currencies if elected president. DeSantis declared,

“If I am the president, on day one, we will nix central bank digital currency. Done. Dead. Not happening in this country.”

As the race for the presidency intensifies, Kennedy’s pledge to back the U.S. dollar with Bitcoin adds a unique twist to the conversation surrounding the future of the American economy. The potential implications of his proposal, along with the broader discussion on cryptocurrency, are sure to captivate the attention of voters as they consider the candidates’ economic plans and visions for the nation.

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